Tax Laws Amendment (2006 Measures No. 1) Act 2006 (32 of 2006)
Schedule 2 Business related costs
Part 2 CGT amendments
Income Tax Assessment Act 1997
45 After subsection 110-55(9A)
(9B) Expenditure does not form part of the reduced cost base to the extent that it is a *bribe to a foreign public official or a *bribe to a public official.
(9C) Expenditure does not form part of the reduced cost base to the extent that it is in respect of providing *entertainment.
(9D) Expenditure does not form part of the reduced cost base to the extent that section 26-5 prevents it being deducted (even if some other provision also prevents it being deducted).
Note: Section 26-5 denies deductions for penalties.
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